That’s according to the latest data from Kagan and due mostly to the Entercom/CBS merger which was announced in February. The Entercom/CBS Radio Reverse Morris Trust tax-free transaction is valued at $2.86 billion. Kagan says at a 7X forward seller’s multiple, the 29 AM and 88 FM stations account for $2.5 billion, making this the largest radio transaction since 2006.
The remaining $92.9 million was paid for 61 AM stations, 60 FM stations, and 44 low-power stations. The largest deal following the Entercom/CBS merger was Starboard Media Foundation’s acquisition of Immaculate Heart Radio. The religious radio operator assumed an undisclosed amount of debt (estimated at $30.0 million) of Immaculate Heart’s owner IHR Educational Broadcasting.
In the only other transaction exceeding $10 million, Beasley reduced its debt by $11.0 million, selling five FMs, one AM, and four translators in the Greenville-New Bern-Jacksonville, N.C., market to Curtis Media.